> Also, as the OP noted, this setup can support up to 4 Mac devices because each Mac must be connected to every other Mac
I do wonder where this limitation comes from, since on the M3 Ultra Mac Studios the front USB-C ports are also Thunderbolt 5, for a total of six Thunderbolt ports: https://www.apple.com/mac-studio/specs/
From my brief discussion with Exo/Apple, it sounds like that is just a limitation of this initial rollout, but it's not a hardware limitation.
Though, I am always leery to recommend any decisions be made over something that's not already proven to work, so I would say don't bet on all ports being able to be used. They very well may be able to though.
I do wonder where this limitation comes from, since on the M3 Ultra Mac Studios the front USB-C ports are also Thunderbolt 5, for a total of six Thunderbolt ports: https://www.apple.com/mac-studio/specs/